Wednesday, December 17, 2003
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Wednesday, December 17, 2003 |
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Godfrey, Sward resign from DAPC By MICHAEL BOYLAN And then there were three. At Monday night’s meeting of the Development Authority of Peachtree City, Bob Brooks made the announcement that both Tate Godfrey, former chairman, and Belinda Sward resigned their positions on the authority, effective immediately. The resignations left the authority with Brooks, treasurer Scott Formel and Bill Boxley as the remaining members of the embattled authority. Next year will bring four new members to the authority, as the city has received 12 applications for the positions and will select the new members after interviewing each candidate. The interview process will start early in January. The Development Authority is currently a group with an identity crisis. Now that they do not control either the tennis center or the amphitheater, it is unclear to them just what they should be doing. Brooks suggested a workshop with the city to find out just what they should focus on in the area of economic development. Before they have that meeting, though, Formel suggested that they meet with the city to start a dialogue on the retirement of debt for capital expenditures. The authority currently owes more than $1 million in loans from local banks. Much of the money went to the expansion and operation of the tennis center, a venue no longer under the authority’s purview since it relinquished control to the city last month. “We don’t have an income stream, but the debt still exists. We need to quantify that and get a plan together,” said Formel, who agreed with Brooks and thought it would be necessary to look at development recruitment and find out “what we are going to be doing.” Brooks, a former city councilman, also mentioned that there are some assets at the tennis center and amphitheater that the Development Authority owns. “Ninety-nine percent of the assets will be useful at the facilities,” said Brooks. “We just need to find a way to transition it back to the city. There’s a certain amount of indebtedness we’ve got. There’s a middle ground and we’ve got to find it.” Brooks and Boxley will try to itemize those assets, while Formel itemizes the debt profile.
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